' Medical Debt Protest - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Protest Group Strikes Medical Debt for 1,064 Individuals

Occupy Wall Street is a protest group that has emerged amidst the economic recession. Whether our readers agree with the group or not, they have made themselves known. Now, offshoots of the group have sprouted that have done things that made headlines. One of these offshoots is a group that calls themselves “Strike Debt.”

The aim of the new group is help eliminate average Americans’ debt by using the lending industry’s own structure against them. The most recent act has been to eliminate approximately $1.1 million worth of medical debt that has piled up. A total of 1,064 people probably considered themselves to be lucky to be in that group, each with an average debt of $900.

When you think of the word “lender,” most often than not, a bank probably comes to mind. However, banks are certainly not the only ones that provide loans. A hospital can essentially become a lender when they provide medical services to patients and send them a bill. Most lending institutions and other companies do not hold the debt until it is paid off. Many companies sell these debts to a third party who then either collects on the debt or even sells it again.

It is this free-market buying and selling of debt that the protest group has exploited. They too have entered the arena of “debt sales.” The only difference is that after purchasing the debt, they are not reselling it or trying to collect. Instead, the group purchased the debt worth over a million for only $21,000 and then simply forgave it.

This group has eliminated a large amount of consumer debt, but the group of people that has been helped is miniscule in the grand scheme of things. It is also important to point out that debt forgiven outside of bankruptcy does have other consequences. We are talking about tax consequences because debt forgiven in situations such as this one is considered income by the Internal Revenue Service and the federal tax code.

There are millions of people across the nation suffering under the burden of one debt or another. Discussing debt relief options with a bankruptcy attorney provides individuals with real options available to them.

Source:CNN, “Occupy offshoot forgives $1 million in random people’s debt,” Blake Ellis, March 15, 2013

Debt relief may look different for each individual or family. Our bankruptcy website provides information about secured and unsecured debt and options for reorganizing or eliminating debt, and access to a team that understands the unique nature of each case.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Can Filing for Bankruptcy Affect Your Job?

Filing for bankruptcy can be a challenging decision that is fraught with many concerns. Among them is the fear that...
Read More

Can You Cancel a Bankruptcy?

Bankruptcy is an option that can save individuals and businesses from financial ruin. However, the process can be a long...
Read More

Does Bankruptcy Clear Child Support Arrears?

Bankruptcy is a legal process that provides relief to individuals who cannot pay their debts. One common question among individuals...
Read More

Is Alimony Dischargeable in Bankruptcy?

One of the biggest concerns that people have when considering bankruptcy is the effect on their financial obligations, including spousal...
Read More

Should You File Bankruptcy Before or After Divorce?

Marriage and finances can be a tricky combination. Timing is also an issue when it comes to filing for bankruptcy....
Read More

What’s Better Bankruptcy or Debt Settlement?

The idea of being trapped in debt can be overwhelming and all-consuming. Financial struggles can happen to anyone through no...
Read More

Can I Keep One Credit Card During Bankruptcy?

The decision to file for bankruptcy is never easy. People considering this option often struggle with financial stress, debts, and...
Read More

How Does Inflation Affect Credit Card Debt?

Credit card debt can be overwhelming. This is especially true during times of inflation. What is Inflation? Inflation is a...
Read More

Can Personal Bankruptcy Affect My Business?

If you’re a business owner considering filing for bankruptcy, it’s important to understand how this decision impacts your business. From...
Read More

Can You File Bankruptcy with Money in the Bank?

Bankruptcy is a serious decision and has major consequences on your credit as well as your overall financial situation. If...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions